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The Daily Dispatch: October 7, 1863., [Electronic resource], Letter from Lynchburg. (search)
The Confederate loan. --In the year 1860 our townsman, John Mitchell, Esq., being at the time in Paris, wrote a letter to a Charleston paper, the object of which was to prove that "Cotton was not King," and that the reliance placed upon it to force a recognition from the Western Powers, especially Great Britain, was slender and precarious. He stated that, in his opinion, one great object of the war with China, then just concluded, was undertaken mainly with a view to open the cotton trade with the valley of the Yang-tse Kiang and its dependencies — a district several times larger than the whole cotton region of the United States, swarming with an industrious population, willing and anxious to work at wages incredibly low, and adapted by soil and climate to the production of the very articles which formed the staples of Southern exportation. He suggested that as soon as this trade could be developed that region would be a most formidable rival of the South in the cotton trade, a